June 19, 2017 / 8:53 PM / a year ago

Former JPMorgan trader Iksil links CEO Dimon to 'London Whale' losses

(Reuters) - Bruno Iksil, the former JPMorgan Chase & Co (JPM.N) trader at the center of the “London Whale” trading scandal, has accused the Wall Street bank’s Chief Executive James Dimon of laying the ground for the $6.2 billion loss.

JPMorgan Chase Chairman and Chief Executive James Dimon speaks during the Institute of International Finance Annual Meeting in Washington October 10, 2014. REUTERS/Joshua Roberts

In an account on his website, Iksil, a French national who traded credit derivatives for JPMorgan in London, also blamed senior executives at the bank. (bit.ly/2sjf2WS)

“The senior executives chose Iksil to work as a screen for them in late 2010”, he said.

The Chief Investment Office (CIO), where Iksil worked, lost $6.2 billion in trading in 2012, hurting the bank’s reputation.

“When the CIO of JPMorgan had lost $1 billion dollar, JPMorgan as a whole had made $4 billion for itself net of its CIO loss,” Iksil alleged.

“The JPMorgan CIO lost in whole $6.3 billion which led to an ultimate profit at JPMorgan of more than $25 billion in 2012,” he said on the website.

The bank had to pay more than $1 billion and admit to wrongdoing to settle U.S. and British probes into the losses.

JPMorgan declined to comment.

Reporting by Arunima Banerjee in Bengaluru; Editing by Sriraj Kalluvila

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below